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NewsTranscript
00:00It was discussed in a hearing in the House of Representatives the possibility of declaring a food security emergency to lower the price of rice.
00:09In the same hearing, some congressmen proposed to implement the maximum suggested retail price of imported rice.
00:17Tina Panganiban-Perez has the first news.
00:19In January 25, the maximum suggested retail price of 58 pesos per kilo of imported premium rice will be implemented to lower the price of rice.
00:33But just now, some congressmen are already saying that it is a lie.
00:38Why should we benchmark the price of imported rice?
00:42So, the price of domestic rice is getting more expensive.
00:49What we are saying is, give the domestic farmers an opportunity to earn decently so that they will keep on planting rice.
00:57How can we control the price of rice when the agency that is supposed to guide us is pegging it at a high price?
01:05There was a delay because the price of rice is already going down, right?
01:12If we are going to peg 58 pesos as the maximum suggested retail price, even if I get it cheap, I will have 58 pesos.
01:22According to the Agriculture Department, they are monitoring rice that is more than 60 pesos per kilo.
01:29The maximum retail price is a kind of a number, a starting number for the price to slowly go down.
01:42For example, the premium rice is already priced at 58 pesos, the most expensive.
01:50Of course, if the quality is lower, it will naturally go down.
01:56What we talked about there is, we will look for the peak, then we add around 8 to 12 pesos markup based on the imported landed cost.
02:07And then, that is the maximum that we can see.
02:12The committee decided that the price of rice is high because of the many layers in the supply chain that have their own price.
02:20So, it's almost 11 pesos from the wholesale price.
02:25It needs to be shortened, the supply chain needs to be reduced, the added cost.
02:29Regarding the increase in the value chain, yes, we agree that it will be down to the benefit of consumers.
02:37What else can be done to lower the price of rice?
02:42The National Price Coordinating Council met yesterday
02:47and we are looking at the possibility of declaring that there is an extraordinary increase in prices
02:56to allow the DA Secretary to declare a food security emergency.
03:02But we're still working on the resolution.
03:04So, in principle, they are in agreement, unanimously, I would presume?
03:11Yes, Mr. Chair.
03:13That there is an emergency situation?
03:16Yes, Mr. Chair.
03:17If the prices don't go down, then we will use Section 6 of the Price Act where there will be a price cap.
03:27And this time, we will be recommending to the President to put a price cap.
03:32Aside from that, the MSRP is also being considered for other types of rice.
03:37Is it possible, sir, that we set an MSRP for premium, we set an MSRP for well-milled,
03:45and we set an MSRP for regular so that the price of rice will go down faster or more immediately, Mr. Chair?
03:55Yes, sir, that's being considered.
03:58This is the first news. Tina Panganiban Perez for GMA Integrated News.
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